In short: Has "actively sought out authorized participant and lead market maker positions in ETFs because they also get to see the flow before anybody else" — a facilitator that "serves to fan the flames of the crowd."
Jane Street is a major trading firm that creates and redeems ETF shares. Green says it has deliberately sought the "authorized participant" and "lead market maker" roles in ETFs because those roles let it see the flow into and out of funds before anyone else.
That visibility is the most valuable information in a passive-dominated market, which is why he groups Jane Street with Citadel as the real winners of the shift. Privately held.
31:16— Yes, of course. It's exactly what it is. So, they have transparency on it's also why Jane Street, which is another market maker or facilitator in the informed trader space, has actively sought out authorized participant and lead market maker positions in ETFs because they also get to see the flow before anybody else.
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